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Newsroom / Press Reports Ukraine retailer Velyka Kyshenya places shares December 23, 2005  December 23, 2005 Ukraine's food retailer Velyka Kyshenya raised $27.5 million in the largest share placing on the country's PFTS market, the company and its bankers said on Friday. The offer at 896 hryvnias ($177.40) a share valued the company at $275 million, said Tomas Fiala, managing director of Dragon Capital, Kiev-based investment bank, which led the placing. He said under the offer 10 percent of the company was sold to eight foreign investment funds, including Julius Baer, Deutsche Bank's DWS and East Capital was heavily oversubscribed, reflecting growing foreign interest to Ukraine's stock market. "The funds will go to expand our retail chain in 2006," Roman Lunin, the company's chairman told a news conference. "We plan to open 15 new stores. Sales are expected to grow to about $440 million by the end of 2006." This year the company expects sales of about $220 million. Many Ukrainian firms are considering IPOs next year but are looking at international exchanges, more liquid than the PFTS. Lunin said Velyka Kyshenya, "Big Pocket" in Ukrainian, was also planning to list its shares in London but it will come in 2007 when the company's market capitalisation is forecast to grow to over $500 million. The largest Ukrainian IPO to date has been property firm XXI Century Investment which raised about $140 million via a placing on London's AIM market. |
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